Quantitative Easing benefits holders of US treasuries
@Kalistan,
"The QE2 meant to dilute value of Chinese foreign reserves, all sorts of tricks and procedural barriers to stymie its growth and influence"
Chinese dollar denominated reserves are in US treasuries and those treasuries are what is purchased with newly printed dollars. In fact, even though there is not a new round of quantitative easing, the federal reserve has guaranteed that interest rates will not be allowed to rise for 2 years. That preserves the value of the treasuries that China holds.
The benefit of new printed fiat currency goes to those who get first access to it before its lower value is recognized, and in this case that is the Chinese.
Frankly, the Chinese might be better off if those new dollars were directly given to the American consumer, because then China might be experiencing double digit growth again, and there might be more workers employed in the US to honor those dollars.
A little bit of knowledge is a dangerous thing, don't spread every conspiracy theory you hear.